Oil

The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus.

Russia’s state oil company paid $250 million to an external consultant to help secure deals in Iraqi Kurdistan. according to documents that shed new light on transactions that have strengthened Moscow’s presence in the Middle East.

The head of the Vienna Energy Studies Group underlines the importance of the upcoming OPEC meeting. saying: The coronavirus outbreak has ruined the demand for oil.

Colorado explorers pumped the most crude on record last year even after the state tightened restrictions on oil and gas drilling.

A decision to delay the meeting would leave the future of the OPEC+ 1.7 million b d production cut accord with Russia and other allies up in the air.

Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet next week. the humbled kingdom may yet clinch victory.

The Trump administration is moving to sell drilling rights in the Arctic National Wildlife Refuge. Interior Secretary David Bernhardt said.

Saudi Arabia wants to hold prices from falling. but Russia is still not agreeing.

Oil traders will remain hard to convince that producers are doing enough.

The chances of further output cuts have increased in the last week or so as the virus has spread rapidly outside China.